Norton Introduces Bill to Establish Inspector General for Thrift Savings Plan
Since last year’s TSP online platform change, Norton has heard frequently from constituents about problems with the system, including discrepancies in account balances
WASHINGTON, D.C. – Congresswoman Eleanor Holmes Norton (D-DC) introduced a bill to establish an inspector general for the Federal Retirement Thrift Investment Board (FRTIB), which manages the Thrift Savings Plan (TSP), a retirement plan available to federal employees and members of the armed services.
"I am deeply concerned about the widespread problems with the TSP’s online system," Norton said. "I hear frequently from constituents about many problems with the system after last year’s platform change, including discrepancies in account balances, difficulties accessing accounts, lost beneficiary information, and hours-long wait times for customer service. I will continue to demand immediate fixes to the problems, but we need to understand how this debacle occurred and to create new accountability mechanisms at FRTIB, which is why I introduced my bill to establish an inspector general."
Norton has sent multiple letters to FRTIB, raising the concerns she heard from constituents about the new TSP system, and Norton has met with the Executive Director of FRTIB, who committed to giving Norton weekly updates on the new TSP system.
From a request headed by Norton and Congresswoman Abigail Spanberger (D-VA), the Government Accountability Office is conducting a comprehensive review of the planning, contract award and implementation of the new TSP system, as well as oversight by FRTIB.
###